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A trip to Iran costs 50 percent less

A trip to Iran costs 50 percent less

A trip to Iran now costs 50 percent less for tourists traveling here. This has led to an increased number of trips from neighboring countries of up to 51 percent. But, this drop in price has not yet enticed visitors from further afield.

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Long-term Trump policies will hurt US dominance

Long-term Trump policies will hurt US dominance

Late last month, the European Union and China announced that they intended to set up a special global payments system to allow companies to continue to trade with Iran despite U.S. sanctions. Some of the sanctions are already in place, but the bulk will to go into effect in November, thanks to the U.S. withdrawal from the Iran nuclear deal earlier this year.

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Turkey arrests hundreds in money transfers

Turkey arrests hundreds in money transfers

Turkish police detained 280 suspects in a money-laundering investigation into the transfer of about 2.5 billion lira ($419 million) worth of foreign currency to bank accounts abroad, state media said on Tuesday, reports Daren Butler in Reuters.

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Zarif: Iran might pull out of the JCPOA

Zarif: Iran might pull out of the JCPOA

Iran plans to get around U.S. sanctions on its oil sales by selling its petroleum and conducting international trade in currencies other than the U.S. dollar, the Iranian diplomat who negotiated the nuclear deal said Saturday.

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No financing for Russia-Iran wheat deal

No financing for Russia-Iran wheat deal

Plans for a deal under which Russia and Kazakhstan are to supply wheat to Iran have stalled as “no progress” has been made in its financing, the secretary general of the Iran Federation of Food Industry Associations said. Talks on the deal began six months ago. It would see Russia and Kazakhstan supplying wheat to Iranian flour millers, who in turn would supply flour to Iraq — a market dominated by Turkey.

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Currency rescue for Iran's rial?

Currency rescue for Iran's rial?

Golnar Motealli reports that Iran plans to implement a new financial rescue package on Monday to try and halt the rial’s decline, coinciding with the re-imposition of severe U.S. sanctions on the oil-rich state’s economy after President Donald Trump pulled out of the Iran nuclear deal.

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Widening social inequalities lead to social unrest

Widening social inequalities lead to social unrest

Professor of Economics at the University of Tehran and former Iranian MP, Mohammad Khosh-Chehreh, says: “In the rest of the world, gold and foreign currency are not goods to be bought like they are in Iran. But this government and the one before that took the wrong attitude and turned these into commodities, because they earned currency from the sale of crude oil; they turned its income into commodities to sell at a higher price and earn more rials.”

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Tehran’s bazaar is on strike

Tehran’s bazaar is on strike

Iran’s economy is facing unusual times. IMF reports that Iran has the leading economic growth among oil-rich countries in the region on the one hand, and the price of some goods, cars, gold, and housing is climbing sharply on the other.  

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